{"code":1,"data":[{"id":"1677","acode":"en","scode":"128","subscode":"","title":"SE Asia to see more direct investments from China than fund flow: CDH","titlecolor":"#333333","subtitle":"","filename":"","author":"超级管理员","source":"本站","outlink":"","date":"2025-04-28 16:34:39","ico":"https:\/\/oss.cdhfund.com\/1745829798907895.jpg","pics":"","content":"

\"Picture1.jpg\"\/<\/p>

Nguyen Thi Bich Ngoc<\/span>,<\/span><\/a> Quynh Nguyen<\/span><\/a> <\/p>

28 April, 2025<\/span><\/p>

<\/span><\/p>

CDH Investments, a private equity firm focusing on both China and Southeast Asia, prides itself on bringing Chinese operating knowhow to Southeast Asian markets.<\/span><\/p>

<\/span><\/p>

Chinese companies have been actively seeking growth outside their home market, irrespective of what’s going on in the political sphere, according to Thomas Lanyi, managing partner at CDH, which manages $20 billion worth of assets.<\/span><\/span><\/p>

<\/p>

Earlier this year, the firm secured a 1-billion-yuan ($136.7 million) first close for its second fund that targets China’s Internet data centres. Lanyi sees Southeast Asia also yielding opportunities for data centres, including helping Chinese operators and developers diversify their presence in the region.<\/span><\/p>

<\/span><\/p>

Other proven business models in China can also be replicated in Southeast Asia, Lanyi told DealStreetAsia in an interview on the sidelines of the recent Vietnam Private Capital Summit.<\/span><\/p>

<\/span><\/p>

“We have been using China’s economic evolution as a leading indicator to predict the development of Vietnam and other Southeast Asian countries for a long time,” he said.<\/span><\/p>

<\/span><\/p>

Last year, CDH invested in Bach Hoa Xanh, the grocery business of Vietnamese retailer Mobile World—in which CDH used to be a shareholder. The PE firm also exited Vietnamese restaurant group Golden Gate.<\/span><\/p>

Edited excerpts from the interview:<\/span><\/em><\/p>

In Vietnam, you invested in retailer Mobile World and then its grocery business Bach Hoa Xanh. Is there a platform approach that you’re taking?<\/span><\/strong><\/p>

What are the opportunities you look at?<\/span><\/strong><\/p>

<\/span><\/strong><\/p>

We like to invest in themes such as the conversion of unbranded to branded consumption, traditional to modern retail, and private healthcare and education. This is the overarching logic for what we are looking for.<\/span><\/p>

<\/span><\/p>

In the partnership with Mobile World, it is not really about the platform play. We’ve had a long-time relationship with Mobile World; we are happy to work with each other. If you partnered with a business successfully, and ideally, have made a positive return like we had in Mobile World, it’s a great thing to invest in them again. A big challenge for private equity is the time and effort you take to get comfortable with a new group of people every time you get into a new deal.<\/span><\/p>

<\/span><\/p>

You have also invested in other sectors in China, such as green infrastructure. How do you see opportunities in Southeast Asia?<\/span><\/strong><\/p>

<\/span><\/strong><\/p>

While we were focused on the consumer and healthcare industries in the past, over time, we have also spent time on areas like software services, light industrial, hardware tech, semiconductor, electric vehicles, renewables, and the broader digitalisation theme. We have also invested in solar sector-related companies and the data centre space, which continue to present a lot of opportunities for us.<\/span><\/p>

Southeast Asian countries like Malaysia and Singapore have been bringing in a lot of data centre capacity. In this sector as in many others, we have worked with companies from China that are increasingly looking to diversify their presence and set up their international business infrastructure in Southeast Asia.<\/span><\/span><\/p>

<\/span><\/span><\/p>

What’s your take on the opportunity of replicating business models from China in Southeast Asia?<\/span><\/strong><\/p>

<\/span><\/strong><\/p>

We have been using China’s economic evolution as a leading indicator to predict the development of Vietnam and other Southeast Asian countries for a long time. Not every business model will be perfectly replicable, so the trick is to understand both the similarities and differences between countries including structural, regulatory, or behavioural factors. Getting your timing right is also critical, as entering a space as time-sensitive as private equity prematurely can be costly for investors.<\/span><\/p>

<\/span><\/p>

We also use the experience we’ve had in China as a way to assess and educate our partners about business model or industry-specific risks that may lay ahead in their future, to guide them and their teams on how to prepare themselves. China keeps on developing, so some of the business models that did amazingly well 10 years ago are now facing pressures that the less developed companies we are working with in Southeast Asia don’t have on their radar yet.<\/span><\/p>

<\/span><\/p>

How do you expect the US tariff measures to impact our markets?<\/span><\/span><\/strong><\/p>

<\/span><\/span><\/strong><\/p>

The situation is complex and remains very dynamic, as you know. It is premature to make credible predictions around what the exact direct or indirect impacts for a specific market are going to be. Also, the nature of these measures is so broad, everybody will be affected to some extent—yet, given we still live and operate in a highly integrated and interdependent global economy; the number of possible outcomes for any individual party is almost impossible to predict within a reasonable margin of error at this point. While in the near term, there will be a lot of friction to grapple with, Asia is, over the long term, on the secular uptrend in terms of global influence and competitiveness.<\/span><\/span><\/p>

<\/span><\/span><\/p>

Will the US-China political tensions forge closer ties between China and Southeast Asia, as well as capital flow from China?<\/span><\/strong><\/p>

<\/span><\/strong><\/p>

Capital coming out of China is not necessarily a function of what’s going on between the US and rest of the world. China’s own growth rates have been slower in the recent past, and entrepreneurs from this market are looking for new ways to expand their businesses. As their domestic market is becoming more difficult or expensive to drive incremental growth, they realise that places like Indonesia, Vietnam, or the Philippines are viable alternatives.<\/span><\/p>

<\/span><\/p>

They also recognise their own competitiveness in Southeast Asia. China- developed products and production capabilities or processes are meaningfully superior to most of what’s coming out of developing Southeast Asia. What they are missing, for the time being, is the downstream piece, such as established, proprietary sales and distribution networks—often a key asset in countries as fragmented and unique as the ones making up Southeast Asia. CDH engages in situations that aim at leveraging Chinese operating knowhow for the purpose of capturing Southeast Asian market growth. I would expect more and more direct investment to come from China into Southeast Asia but not so much on the fund flow side.<\/span><\/p>

<\/span><\/p>

What is the adjustment investors should make in their portfolio in the context of the current trade policy discussion?<\/span><\/strong><\/p>

<\/span><\/strong><\/p>

There is no quick fix for existing portfolio companies. If companies in a portfolio are caught between a Chinese supply chain and US exports, in the near term, they would have to come up with a plan to protect their margins as well as competitiveness, assuming that they will at least try to increase prices to pass tariffs on to consumers. In the medium to long term, operators will try and diversify or re-route on both the supply and demand side.<\/span><\/p>

<\/span><\/p>

As to new investments, we are not overly export oriented in general and for sometime have tried to minimise dependency on the US market and any kind of political sensitivity. Having said that, there is also an opportunity where Chinese companies seek international investors like us in their cap table to become that “neutral bridge” between them and their politically delicate target market.<\/span><\/p>

<\/span><\/p>

Edited by: <\/span><\/strong>Joymitra Rai<\/span><\/strong><\/a><\/p>

DealStreet Asia<\/span><\/strong><\/p><\/div>","tags":"","enclosure":"","keywords":"","description":"Nguyen Thi Bich Ngoc, Quynh Nguyen28 April, 2025CDH Investments, a private equity firm focusing on both China and Southeast Asia, prides itself on bringing Chinese operating knowhow to Southeast Asian markets.Chinese companies have been actively seeking growth outside their home market, irresp","sorting":"255","status":"1","istop":"0","isrecommend":"0","isheadline":"0","visits":"1933","likes":"0","oppose":"0","create_user":"admin","update_user":"admin","create_time":"2025-04-28 17:01:27","update_time":"2025-04-28 17:30:01","gtype":"4","gid":"0","gnote":"","tpl":"","picstitle":"","sortname":"News","sortfilename":"newslist-en","subsortname":null,"type":"2","modelname":"新闻","urlname":"news","extid":null,"contentid":null,"ext_job":null,"apilink":"\/api.php?p=\/content\/1677","likeslink":"\/api.php?p=\/home\/Do\/likes\/id\/1677","opposelink":"\/api.php?p=\/home\/Do\/oppose\/id\/1677","contentlink":"\/\/newslist-en\/1677.html"},{"id":"1576","acode":"en","scode":"128","subscode":"","title":"China SaaS gets specific | CDH Talk","titlecolor":"#333333","subtitle":"","filename":"","author":"超级管理员","source":"本站","outlink":"","date":"2023-03-30 18:06:56","ico":"https:\/\/oss.cdhfund.com\/20230330\/1680170867448079.jpg","pics":"","content":"

By AVCJ  Larissa Ku<\/p>

Investors are gradually returning to China’s software-as-a-service space with an appetite for industry specialists rather than generalists. The CDH Investments-led Series B for 1Data is a case in point.<\/strong><\/p>

<\/p>

\"rpa-robot-enterprise-artificial-intelligence-580x358.jpg\"\/<\/p>


Chinese software-as-a-service (SaaS) start-ups have experienced feast and famine over the past two years. Now, though, they appear to be back on the menu, albeit at more reasonable valuations and with a more nuanced view as to which industry verticals can generate the most traction.<\/span>

The enduring SaaS question was whether domestic enterprise customers would be willing to pay for standardised, subscription-based products. Investors appeared to put all doubts to one side during the post-pandemic technology boom of 2021, with consumer internet specialists picking SaaS as they made their first forays into business services.<\/span>

These investors left abruptly last year following a string of public market corrections that wiped billions off the maket capitalisations of leading US players like Snowflake, Shopify, and Atlassian. New investment activity in China came to a virtual standstill.<\/span>

“SaaS was overheated in 2021 and then it became too cold last year and this year – so cold that many local investors stopped looking at the industry,” said Qizhi Guo, a senior partner at CDH Venture and Growth Capital.<\/span>

“But I believe in the SaaS business model. It means efficiency gains and zero maintenance costs for customers; it generates stable cash flows and strong growth for suppliers; and entrepreneurs can make headway if they focus on service quality to retain customers.”<\/span><\/p>

<\/p>

Read More<\/strong>: https:\/\/www.avcj.com\/avcj\/official-record\/3028946\/deal-focus-china-saas-gets-specific<\/a> <\/p>

<\/p>","tags":"","enclosure":"","keywords":"","description":"Deal focus: China SaaS gets specificInvestors are gradually returning to China’s software-as-a-service space with an appetite for industry specialists rather than generalists. The CDH Investments-led Series B for 1Data is a case in point.","sorting":"255","status":"1","istop":"0","isrecommend":"0","isheadline":"0","visits":"1828","likes":"0","oppose":"0","create_user":"admin","update_user":"admin","create_time":"2023-03-30 18:07:56","update_time":"2023-04-07 11:04:18","gtype":"4","gid":"0","gnote":"","tpl":"","picstitle":"","sortname":"News","sortfilename":"newslist-en","subsortname":null,"type":"2","modelname":"新闻","urlname":"news","extid":null,"contentid":null,"ext_job":null,"apilink":"\/api.php?p=\/content\/1576","likeslink":"\/api.php?p=\/home\/Do\/likes\/id\/1576","opposelink":"\/api.php?p=\/home\/Do\/oppose\/id\/1576","contentlink":"\/\/newslist-en\/1576.html"},{"id":"706","acode":"en","scode":"128","subscode":"","title":"Well-link’s won the AVCJ Deal of the Year 2022 | CDH Portfolio","titlecolor":"#333333","subtitle":"","filename":"","author":"超级管理员","source":"本站","outlink":"","date":"2022-11-21 23:10:43","ico":"https:\/\/oss.cdhfund.com\/20250512\/1747035886578045.png","pics":"","content":"

The 2022 Annual Awards ceremony of Asian Venture Capital Journal (AVCJ), Asia’s leading private equity and venture capital information agency, was held in Singapore on November 14, 2022. After completing the B2 round of financing led by Temasek and followed by CDH VGC and Future Capital, Well-link won the AVJC “Deal of the Year-Small Cap 2022”, becoming the only Chinese technology enterprise winning the annual award.<\/p>

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<\/p>

AVJC was established in 1987, and its annual awards are recognized by the industry as one of Asia’s most authoritative private equity and venture capital awards. The awards cover a wide range of categories to recognize the achievements and best practices of venture capital firms in fundraising, investment, exit, value creation and responsible investment.<\/p>

<\/p>

Founded in 2019, Well-link is the world’s leading provider of real-time cloud rendering solutions. In only 3 years, Well-link has completed 5 rounds of financing, and completed the B2 round of financing of $40 million in September 2022. Starting from cloud games, looking at the GaaS (Graphics as a Service) era, Well-link currently has four business units, including Cloud Gaming BU, Digital Human BU, SiLAND server BU and Virtual Ark Studio BU.<\/p>

<\/p>

Well-link went through all the hurdles and arose from the top to win the “Deal of the Year-Small Cap 2022” award from five candidates.<\/p>

<\/p>

With the investment of Temasek and other international institutions, Well-link is going on the journey of globalization, to help more content providers start building cloud games and bring excellent user experience to the global cloud gaming players.<\/p>

<\/p>","tags":"","enclosure":"","keywords":"","description":"After completing the B2 round of financing led by Temasek and followed by CDH VGC and Future Capital, Well-link won the AVJC “Deal of the Year-Small Cap 2022”, becoming the only Chinese technology enterprise winning the annual award.","sorting":"255","status":"1","istop":"0","isrecommend":"0","isheadline":"0","visits":"1991","likes":"0","oppose":"0","create_user":"admin","update_user":"admin","create_time":"2022-07-22 16:22:13","update_time":"2025-05-12 15:44:50","gtype":"4","gid":"0","gnote":"","tpl":"","picstitle":"","sortname":"News","sortfilename":"newslist-en","subsortname":null,"type":"2","modelname":"新闻","urlname":"news","extid":"357","contentid":"706","ext_job":"","apilink":"\/api.php?p=\/content\/706","likeslink":"\/api.php?p=\/home\/Do\/likes\/id\/706","opposelink":"\/api.php?p=\/home\/Do\/oppose\/id\/706","contentlink":"\/\/newslist-en\/706.html"},{"id":"1493","acode":"en","scode":"128","subscode":"","title":"China investors plan to step up activity | CDH Talk","titlecolor":"#333333","subtitle":"","filename":"","author":"超级管理员","source":"本站","outlink":"","date":"2022-11-18 20:27:11","ico":"https:\/\/oss.cdhfund.com\/20221211\/1670762129150767.jpg","pics":"","content":"

By AVCJ Larissa Ku<\/p>

Investors told the AVCJ Private Equity & Venture Forum that they are looking to accelerate their pace of investment in China next year despite economic and regulatory challenges.<\/strong><\/p>

<\/strong><\/p>

\"china-580x358.jpg\"\/<\/strong><\/p>

<\/p>

While accepting that the market remains clouded by uncertainty and COVID-19 policies will likely continue to move back and forth, a drop in valuations has made China very attractive.<\/span>

“Most Chinese equities are trading at a substantial discount to their counterparts in the US, Europe or even in emerging markets like India and Southeast Asia," said Max Hui, a managing director in the private equity unit at CDH Investments.<\/span>

"Our view is that the current valuation level does not reflect the longer-term fundamentals of China’s economy on an absolute or relative basis compared to other economies. I think this is actually a good time for us to increase our pace of investment, which has been slow in the past few years." <\/span><\/p>

<\/p>

Read More<\/strong>: https:\/\/www.avcj.com\/avcj\/news\/3028201\/china-investors-plan-to-step-up-activity-avcj-forum<\/a> <\/span><\/p>","tags":"","enclosure":"","keywords":"","description":"Investors told the AVCJ Private Equity & Venture Forum that they are looking to accelerate their pace of investment in China next year despite economic and regulatory challenges.Read More:https:\/\/www.avcj.com\/avcj\/news\/3028201\/china-investors-plan-to-step-up-activity-avcj-forum","sorting":"255","status":"1","istop":"0","isrecommend":"0","isheadline":"0","visits":"1634","likes":"0","oppose":"0","create_user":"admin","update_user":"admin","create_time":"2022-12-11 20:35:52","update_time":"2023-03-31 18:26:44","gtype":"4","gid":"0","gnote":"","tpl":"","picstitle":"","sortname":"News","sortfilename":"newslist-en","subsortname":null,"type":"2","modelname":"新闻","urlname":"news","extid":null,"contentid":null,"ext_job":null,"apilink":"\/api.php?p=\/content\/1493","likeslink":"\/api.php?p=\/home\/Do\/likes\/id\/1493","opposelink":"\/api.php?p=\/home\/Do\/oppose\/id\/1493","contentlink":"\/\/newslist-en\/1493.html"},{"id":"704","acode":"en","scode":"128","subscode":"137","title":"Companies Chinese investment firm sells New Zealand investment to Nestle | CDH Portfolio","titlecolor":"#333333","subtitle":"","filename":"","author":"超级管理员","source":"本站","outlink":"","date":"2022-06-28 19:54:01","ico":"https:\/\/oss.cdhfund.com\/20250512\/1747035913636722.jpg","pics":"","content":"

By China Daily<\/p>

<\/p>

Chinese alternative assets management firm CDH Investments announced on June 29 that it and the founding shareholders of The Better Health Company (TBHC) had agreed to sell the New Zealand-based natural health products company to Nestle Health Science.<\/span><\/p>

In 2016, Beijing-based CDH invested in TBHC and became its controlling shareholder. TBHC owns the GO Healthy brand, a major supplement brand in New Zealand's advice channel; the Egmont Honey brand, one of the largest producers and marketers of Manuka honey; and New Zealand Health Manufacturing, one of the leading supplement manufacturing businesses in Oceania.<\/span><\/p>

The TBHC deal was the second exit deal of CDH this year, coming one month after it sold an investment in Vietnam's restaurant chain Golden Gate.<\/span><\/p>

CDH is one of the proactive Chinese investment firms in investing in cross border assets including Smithfield, the US pork producer and food-processing company.<\/span><\/p>

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By Nova Credit Limited<\/p>

Nova Credit Limited (“Nova”) is delighted to announce the company has successfully received a new round of growth investment of an undisclosed amount from CDH Investments, and CDH has become Nova’s second-largest shareholder. The fund will be utilized primarily on consumer bureau service development as well as other Greater Bay Area (GBA) initiatives. <\/p>

<\/p>

CDH Investments is a leading alternative asset manager with a focus in the Greater China region and has approximately US$27 billion (as of December 31, 2021) assets under management. <\/p>

<\/p>

Samuel Ho, CEO of Nova Credit Limited, welcomed CDH’s investment decision, “We are delighted to have CDH join the Nova family.  This is undoubtedly a symbolic achievement of Nova that our core values, innovations and contributions to GBA have been highly valued in addition to our core bureau business.  With our financial position strongest than ever, it will allow us to focus on pursuing our ultimate goals – to redefine the consumer bureau industry and to become the bureau of choice.”<\/p>

<\/p>

Commenting on the investment, Max Hui, Managing Director of CDH Investments added that “In our quest for identifying suitable and quality investment opportunities, we believe that Nova is in well-positioned to make enormous contributions to reinforcing Hong Kong’s status as a financial, commercial and innovation center, raising the productivity and competitiveness of Hong Kong in the long run, and the greater good of Hong Kong and the GBA economy. We have been impressed with Nova and its management’s professionalism in credit bureau service and commitment to privacy and data protection. And in light of the global shift of emphasis to regulatory compliance across sectors, we have great confidence in Nova’s growth in data-driven RegTech, digital KYC, and digital anti-fraud spaces, that are value-accretive to global financial institutions and consumers.” <\/p>

<\/p>

Nova Credit Limited has been named as one of the short-listed candidates for the “Multiple Credit Reference Agencies” as initiated by the local financial industries to specifically mitigate the systemic risk of the single point of failure in the current credit reference market in Hong Kong.<\/p>","tags":"","enclosure":"","keywords":"","description":"Nova Credit Limited is delighted to announce the company has received a new round of growth investment from CDH.","sorting":"255","status":"1","istop":"0","isrecommend":"0","isheadline":"0","visits":"2182","likes":"0","oppose":"0","create_user":"admin","update_user":"admin","create_time":"2022-07-22 16:22:13","update_time":"2025-05-12 15:45:32","gtype":"4","gid":"0","gnote":"","tpl":"","picstitle":"","sortname":"News","sortfilename":"newslist-en","subsortname":"新闻报到-轮播","type":"2","modelname":"新闻","urlname":"news","extid":"361","contentid":"710","ext_job":"","apilink":"\/api.php?p=\/content\/710","likeslink":"\/api.php?p=\/home\/Do\/likes\/id\/710","opposelink":"\/api.php?p=\/home\/Do\/oppose\/id\/710","contentlink":"\/\/newslist-en\/710.html"}],"tourl":"","rowtotal":13}